My controversial 1999 piece from last week is still being debated, I’m getting emails from both people in agreement and people who are livid in their disagreement. It’s kind of awesome, even the hate mail.
The New Yorker’s ace commentator James Surowiecki has just weighed in and he’s on my side – it’s a great market environment but not what 1999 was in tone or tenor…
With the stock market setting new highs on a nearly daily basis, even as the real economy just slogs along, there seems to be one question on everyone’s mind: are we in the middle of yet another market bubble? For a growing chorus of money managers and market analysts, the answer is yes: the market is a house of cards, held up by easy money and investor delusion, and we are rushing all too blithely toward an inevitable crash. Given that we’ve recently lived through two huge asset bubbles, it’s easy to see why they’re worried. But in this case the delusion is theirs.